The Editorial Team |

Why South Africa Is Ripping Up Its Mining Rules Again: QuickTake

JOHANNESBURG (Capital Markets in Africa) – South Africa’s mining industry is a prime example of the nation’s stark imbalances. Its highly paid, mainly white male executives oversee hundreds of thousands of mostly black workers laboring in deep and dangerous operations. To spread the nation’s wealth more equally, the government revised its mining charter in 2017 to require that companies give more ownership to black shareholders. The industry lobby group sued to stop some changes it…

Trade War Piles Pain on China-Exporter Emerging Markets

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LAGOS (Capital Markets in Africa) – Just when it looked like things couldn’t get much worse for emerging markets, along comes a trade war. And it’s hitting emerging-market commodity producers and exporters to China especially hard. Take Thailand and South Africa, which each ship about 20 percent of their foreign-bound goods to China. The Thai baht has just reversed year-to-date gains against the dollar, while the South African rand is down 1.9 percent this week,…

Billionaire Dangote Forecasts $30 Billion of Revenue by 2030

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LAGOS (Capital Markets in Africa) – Nigerian billionaire Aliko Dangote said revenue at his group of companies may rise seven-fold to $30 billion a year by 2030. Africa’s richest man, worth $12.6 billion, also said tax payments from his Lagos, Nigeria-based Dangote Industries Ltd. would exceed $1 billion annually in about five years, according to a speech he gave Thursday in Ghana’s capital, Accra. Dangote, 61, derives almost 75 percent of his wealth from Dangote Cement Plc, according…

Ivory Coast outlooks is robust amid strong growth and low inflation

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ABIDJAN (Capital Markets in Africa) – The International Monetary Fund indicated that Côte d’Ivoire’s medium-term outlook is robust amid strong economic activity and low inflation. As such, it projected real GDP growth at 7.4% in 2018 and 7% in 2019 compared to 7.8% in 2017. Also, it forecast the average inflation rate at 1.7% this year and 2% next year relative to 0.8% last year. Further, it welcomed the authorities’ sound macroeconomic policy management despite the domestic shocks and unfavourable…

Ratings Cos. Gave South Africa Benefit of the Doubt, Nene Says

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JOHANNESBURG (Capital Markets in Africa) – Credit ratings companies gave South Africa the “benefit of the doubt” by keeping the nation’s credit assessments unchanged after the recent political transition, Finance Minister Nhlanhla Nene said. With all three major credit rating companies that now have a stable outlook on their assessments they “are giving us a chance to implement our reforms,” Nene told reporters in London on Friday. President Cyril Ramaphosa’s rise to power since December initially boosted sentiment and the…

Indorama to Raise $1 Billion for Nigerian Fertilizer Production

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LAGOS (Capital Markets in Africa) – Singapore-based Indorama Corp. Pte. Ltd. will raise $1 billion of debt via one of its units to build a second fertilizer line in Nigeria. Indorama Eleme Fertilizer & Chemicals Ltd. will get $100 million from the World Bank’s investment arm, the International Finance Corp., and the rest from lenders including Standard Bank Group Ltd., Standard Chartered Plc, the European Investment Bank and the African Development Bank, according to a statement from…

Steinhoff Signs Austrian Deal With Signa After Days of Haggling

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV signed off on the sale of Austrian furniture retailer Kika/Leiner and real estate assets to billionaire Rene Benko’s Signa Holding GmbH. Steinhoff is selling the retail companies for a nominal amount, and the properties for a price “based on an enterprise value” of 490 million euros ($570 million), subject to adjustments, the group said in a statement. Steinhoff accepted a conditional offer from Signa last week pending due…

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